New Zealand based general merchandise and apparel retailer The Warehouse Group Ltd
(ASX:WHS) has reported a drop in sales for the first quarter.
Total sales for the three months to November 1 came to NZ$362.9 million down one per cent on the same quarter last year of NZ$366.6 million.
After adjusting for the discontinued fresh produce, frozen food and liquor operations the company says sales rose 1.2 per cent.
The Warehouse first quarter same store sales rose 0.5 per cent, the third consecutive quarter of positive same store sales.
The Warehouse stationary’s first quarter sales increased 2.2 per cent to NZ$45.2 million with same store sales up 3.8 per cent compared to the same period last year.
CEO Ian Morrice says retail demand remains unpredictable despite improving consumer confidence; however the company remains confident going into the second quarter that it has a strong product offer in place for the key Christmas trading period.
The Warehouse Group’s net profits have fallen in the last couple of years since reaching a high of NZ$114.8 million in 2007.
